Canadian National Railway Co. and Canadian Pacific Railway Ltd. reported second-quarter results. Revenue was flat for both, though earnings for Canadian National beat analyst expectations, while Canadian Pacific’s were a penny shy. CN kept its earnings outlook for the year unchanged and CP cut its guidance for earnings and revenue.

Fairfax Financial Holdings Ltd. is at odds with major shareholder Canada Pension Plan Investment Board over the multiple-voting-share structure of Fairfax. The global insurance and investment management company is asking shareholders to preserve the voting power of Chairman and Chief Executive Prem Watsa, but CPPIB said Friday it plans to oppose the plan for being anti-democratic. Read More »

Second-quarter earnings season kicks into high gear this week, highlighted by reports from Canada’s big rail companies. On the economic front, retail sales data for May will garner the most attention on Thursday. Read More »

First Quantum Minerals Ltd., whose shares fell 6.1% on Thursday, released a statement to clarify information filed in the mining company’s updated technical report for its Zambia mine. But the update “creates more questions than answers,” Scotiabank says, which notes that the 2016 copper and gold production numbers provided in the updated mine plan are 19% and 56%, respectively, below Scotiabank’s predictions.

RBC Capital Markets started coverage of Raging River Exploration Inc. at outperform, with a target price of C$12. RBC cited the oil and gas producer’s “deep and predictable Viking inventory” and good management team as strengths.

National Bank initiated coverage of Tahoe Resources Inc. at sector perform and set a target price of C$16.50 for the silver and gold producer. Tahoe’s concentrated operations are growing, National Bank says, and its “resultant free cash flow profile and its sustainability compare favourably” to its competitors. Read More »

Magna International Inc. has agreed to buy European transmission maker Getrag for EUR1.75 billion. In a release, the Canadian auto-parts maker said it “identified the expansion of our powertrain business as strategic priority.” Magna highlighted Getrag’s dual-clutch transmissions, which it says is expected to be one of the largest growth segments around the world over the next decade.

Colabor Group Inc. reported net earnings of C$1 million, or 4 Canadian cents per share, for the fiscal second quarter, down from C$1.6 million, or 6 Canadian cents, a year earlier. The food distribution company said sales were up 5.6% to C$366.6 million, thanks in part to its purchase of Alimentation Marcotte last fall. Read More »

Royal Bank of Canada has agreed to sell its Swiss private-banking operation to SYZ Group for an undisclosed amount. RBC Suisse SA has been under strategic review since late last year and The Wall Street Journal reported in January that J.P. Morgan was hired to run a sale process for the unit. Canada’s largest lender by assets’ latest sale comes only months after it said it was selling its Surname bank to Trinidad and Tobago’s Republic Bank Ltd.

Bank of Nova Scotia has agreed to buy Citigroup Inc.’s retail and commercial banking businesses in Panama and Costa Rica. Financial terms of the deal weren’t disclosed, but Scotiabank says it will almost triple its customer base in the two countries to roughly 387,000 from 137,000. The company says its common equity tier one capital ratio will be affected by roughly 15 basis points.

Carmanah Technologies Corp. reported $15.6 million in revenue for the second quarter, up roughly 73% from a year earlier. In its preliminary financial results, the solar technology company said its year-to-date revenues are also up by roughly 49%, to $26.9 million. Full financial results will be disclosed on Aug. 10. Read More »

BlackBerry Ltd.’s president of global sales, John Sims, suddenly left the company and is being replaced by Cisco Systems Inc. sales veteran Carl Wiese. The management change highlights the smartphone maker’s struggle to reignite sales growth in the face of months of cost cutting.

easyhome Ltd. bought 14 Canadian stores from U.S.-based Rent-A-Center Inc. for C$3.4 million. The merchandise-leasing company says it will merge the new stores with some of its existing easyhome leasing stores over the next few weeks. There will be three new stores in total, bringing easyhome’s total count to 188. Read More »

Topping the list of key events this week is the Bank of Canada’s rate decision on Wednesday, plus Statistics Canada will issue the latest indicators for manufacturing and inflation.

The main event this week unfolds in Ottawa on Wednesday when the Bank of Canada issues its latest policy decision and accompanying economic outlook. There is a stark divide among private-sector economists about what Central Bank Governor Stephen Poloz will do amid a series of broad economic indicators that suggest the negative fallout from lower energy prices is deeper than anticipated. Read More »

National Bank raised its rating on Teck Resources Ltd. to sector perform from underperform after the company terminated a royalty agreement with Royal Gold Inc. and then entered a new one gold-streaming deal with it. National Bank said the move gives the metals and mining company a modest cash boost. “More stream sales may be on the horizon,” National Bank said.

Loblaw Cos. said it has settled a labor dispute involving 69 company-owned stores. Union members voted in favor of a new, six-year contract, ending strikes at nine stores across Ontario and heading off strikes scheduled to begin July 11 at the other 60.

Crescent Point Energy Corp. has filed to offer up to C$2.5 billion of securities over the next two years in Canada and the U.S. The oil and gas company said proceeds would be used to pay off debt, for general purposes, as well as to fund possible acquisitions. Read More »

About Canada Real Time

Canada Real Time provides insight and analysis into what’s making news in Canada, a country punching above its weight on the world stage thanks to its vast resources and strong banking sector. Drawing on the expertise of The Wall Street Journal and Dow Jones Newswires, we take a look at developments in fields ranging from business to politics to culture. You can contact the editors at canadaeditors@dowjones.com